Plus Therapeutics rises as FDA grants orphan drug tag for pediatric brain cancer treatment

Shares of biotech firm Plus Therapeutics PSTV.O rise 15% to $3.36 premarket

Co says the FDA granted orphan drug designation to experimental drug reyobiq for pediatric malignant gliomas, a rare and aggressive childhood brain cancer, which is hard to treat with surgery or chemotherapy alone

Co says reyobiq delivers targeted radiation directly into tumors to limit damage to healthy brain tissue

The FDA has cleared the drug for testing in children; studies are also ongoing in other brain cancers and cancer spread to brain fluid - PSTV

FDA grants orphan drug status to promote drug development for rare diseases affecting fewer than 200,000 people in the U.S.

As of last close, stock down ~77% YTD